0:00/7:33 102 claps +0 As India gears up for an era of increased digitisation, the banking sector is not far behind. Even the co-operative credit societies, which provide loans to members at reasonable rates, are fast turning to technology in a bid to stay relevant. According to a report shared by the Reserve Bank of India (RBI), in 2015, the co-operative credit sector consisted of more than 90,000 primary agricultural credit societies, 367 district central co-operative banks, and 33 state co-operative banks. On the other hand, urban India has 1,579 urban co-operative banks. Kerala, which has a thriving startup ecosystem, also has a large population that is still dependent on these co-operatives for their banking and credit needs. To make credit seeking a seamless process, brothers Ricky Jacob and Nicky Jacob, along with Rajat Talwar and Richmond Chethalan, started KRED in March 2019. Kochi-based KRED is a neobank-as-a-service platform providing modern digital banking solutions to customers, and is enabling co-operatives to operate like modern digital banks. KRED is also the first Indian startup to have received investment from Barclays. It participated in the Barclays Accelerator held at Tel Aviv earlier this year, and raised $120,000 funding. It is also backed by Techstars.